by Monica Chamness
Staff Writer
A group led by Antonio Allegretti has signed a contract to purchase the vacant Burbridge building on East Adams Street across from the Haydon Burns Library.
Allegretti, a principal partner in Venture Resources, an urban core development and consulting firm, has been looking for a property for a while.
“I always wanted to footprint downtown,” said Allegretti. “This one fit. It’s the right size and proximity. We’re in the shadow of 11 E., a block away from the Bay Street Town Center and Hemming Plaza. It’s two blocks from the Landing. We’re in the same quadrant as London Bridge. We think a restaurant down here would complement that so we really are in the epicenter.”
Also, the building is close to downtown residential projects such as Berkman Plaza and The Carlington, which is currently under construction.
If Venture Resources clears the due diligence hurdles and purchases the 8,000-square-foot property, Allegretti doesn’t expect to close before December. However, he is already making plans for the building.
Allegretti is planning a total renovation, including the removal of floor-to-ceiling paneling. Although the infrastructure is intact, all the plumbing and electrical will probably have to be replaced. He envisions extending the loft space into a party deck or garden area outside. Reportedly, attorney Eddie Farah is considering leasing space in his adjacent parking lot for the project.
Built around 1913, parts of the two-story building have been in use until last year when Burbridge Realty relocated. During the 1990s, the upstairs allegedly housed an underground rave club. In 1948, the property was occupied by Jenkins Brothers Jewelers. Their company’s imprint can still be seen etched on the front stoop.
While the jewelers were tenants, they added a faux stone facade on the front of the building, bricking in as many as six upstairs windows. Recapturing the structure’s former historical significance is the main objective behind Allegretti’s restoration efforts. He is working on the renderings that will return the building to its original brick exterior. If successful, the building may qualify as a historic landmark.
According to Allegretti, potential tenants are already inquiring about the building. He prefers a single tenant to renters, especially if they are an upscale restaurant or entertainment venue. Regardless of who leases the space, Venture Resources anticipates building to suit.
“Even if we don’t get a really sexy restaurant, we feel confident that a law firm, advertising agency or art gallery will want it,” he said. “We can do a really nice loft-style at market rate.”